Shearman & Sterling LLP | Financial Regulatory Developments Focus | Great Repeal Bill Introduced to UK Parliament
Financial Regulatory Developments Focus
  • Great Repeal Bill Introduced to UK Parliament
    The draft legislation for the exit of the UK from the European Union has been introduced to the House of Commons. The European Union (Withdrawal) Bill 2017-2019, which has previously been referred to as the Great Repeal Bill and also as the Repeal Bill, is a legislative measure which performs four main functions. It will: (i) end the supremacy of EU law in UK law by repealing the European Communities Act 1972; (ii) convert EU law as it stands at the moment of exit into domestic law before the UK leaves the EU; (iii) create powers to make secondary legislation, including temporary powers to enable corrections to be made to the laws that would otherwise no longer operate appropriately once the UK has left the EU and to implement the withdrawal agreement under Article 50 of the Treaty on European Union; and (iv) maintain the current scope of devolved decision making powers in areas currently governed by EU law. The Bill must pass through both Houses of Parliament before it can receive Royal Assent.

    View the European Union (Withdrawal) Bill 2017-2019.

    View the Explanatory Notes to the Bill.

    View webpage for the Bill.

    View the Shearman & Sterling Client Briefing.